UK media SMG: Ad upturn showing sustainability

EmilyChurch

LONDON (CBS.MW) -- SMG
uk:smg
a U.K. TV, radio and outdoor advertising group, posted a 17 percent drop in sales for the six months ending in June to 88.5 million. Comparable sales, however, rose 3 percent. Pre-tax profit declined 68 percent to 1.9 million, reflecting the April 2003 sales of its publishing business. The group said with "the advertising upturn is showing signs of sustainability, our businesses are well-positioned to benefit from the improving market conditions as they feed through and we anticipate further growth in the second half of 2004." It said the "growth in our television and outdoor businesses has been maintained into the third quarter, and we hope to see cinema benefit in the second half on the back of a better film line-up."

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